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how does santander student account work?

psy2023

what happens if you don't pay at least £500 into your account every 4 months?

Reply 1

normaw

Volunteer Section Leader, Clearing and Applications Advisor

Original post by psy2023

what happens if you don't pay at least £500 into your account every 4 months?

The bank would be within its rights to close your account or convert it into an ordinary current account. If you get your maintenance loan paid to your account at the start of each term, it won't be an issue. You can then spend or transfer the money elsewhere if you wish.

Reply 2

rolandka

Original post by psy2023

what happens if you don't pay at least £500 into your account every 4 months?

If it's the Santander Edge Student account then you lose the the interest-free and fee-free arranged overdraft limit, nothing else. The £500 only apply to the ovedraft limits, there is no other fee to maintain the account according to the terms.

See:
When you open your account you’ll get an arranged overdraft limit of £250. To increase this to £1,500 you’ll need to pay in £500 and continue to pay in at least £500 into your account every 4 months. To remain eligible for the interest-free and fee-free arranged overdraft, you must pay £500 into your account every 4 months.

Here you find the terms:
https://www.santander.co.uk/assets/s3fs-public/AD_documents/santander_edge_student_current_account_key_facts_document_bank_0548_feb_24_ipg_cd.pdf
https://www.santander.co.uk/personal/current-accounts/santander-edge-student-current-account#collapse-sp-a-811-1